Motor vehicle finance fraud coming under control


It seems that efforts to try and prevent motor vehicle finance fraud are beginning to pay off, with the number of fraud cases falling by fourteen percent in the last year, with a value of £14.6 million, also down almost fourteen percent, with 832 fraud cases, leading finance trade association reports. This is encouraging because the number of vehicles sold on finance actually went up last year.

The Finance and Leasing Association (FLA) said that over 9,000 possible or attempted fraud cases were prevented by their members in 2010, saving of over £115 million, mainly because finance providers and car sellers were careful over credit applications. Paul Harrison, their Head of Motor Finance said it was almost impossible to cut out fraud completely, but that their members were doing their best. The FLA is a leading finance trade association for assets, motors and consumers.